TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/958155
TH E M R EP O RT | 5 MTECH Arch MI Completes Integration with Cloudvirga Platform THROUGH THIS INTEGRATION, CLOUDVIRGA'S LENDER CUSTOMERS WILL HAVE REAL- TIME ACCESS TO ARCH MI'S RATESTAR PLATFORM. N orth Carolina-headquar- tered private mortgage insurance company, Arch Mortgage Insurance Company (Arch MI), has announced the completion of a new integra- tion with Cloudvirga, developer of mortgage point-of-sale (POS) platforms. Cloudvirga's lender cus- tomers now have direct, real-time access to Arch MI RateStar. RateStar evaluates a wide variety of loan characteristics to more precisely match Arch MI rates to individual loan risk. Cloudvirga's Consumer POS and Enterprise POS platforms now seamlessly connect with Arch MI to return precise MI pricing in seconds, eliminating the need to re-key data on websites outside Cloudvirga and ensuring accu - rate disclosure data. All RateStar quotes come with a 90-Day Promise to honor the quote as long as there is no change to the submitted loan information. "We are excited to partner with an innovative company like Cloudvirga," said Chris Hovey, EVP, and COO at Arch MI. "Like Arch MI, Cloudvirga is aggres - sively reimagining the mortgage process for greater speed and efficiency. Together, we are bring- ing Cloudvirga users immediate, real-time access to RateStar." Arch MI's flagship mortgage insurer, Arch Mortgage Insurance Company, is licensed to write mortgage insurance in all 50 states, the District of Columbia, and Puerto Rico. Cloudvirga's intel - ligent mortgage point-of-sale (POS) platforms combine borrower experience with a digital lender platform that cuts overall loan costs, increases transparency, and reduces the time to close a loan. To date, Cloudvirga has raised over $27 mil - lion from some of the country's top lenders and venture capital firms. "By tightly weaving Arch MI's RateStar pricing for both borrower-paid monthly and single premium MI into Cloudvirga's digital mortgage platform, we deliver loan calculations that are far more accurate than the norm from the very start and generate an underwriting-ready loan for a fraction of the typical production cost," said Kyle Kamrooz, Co- founder of Cloudvirga. Streamlining Real Estate Transactions BLACK KNIGHT HAS ANNOUNCED THE FIRST PHASE OF ITS NEW SOLUTION FOR END-TO-END CLOSING FULFILLMENT NEEDS. F lorida-based Black Knight Inc., a software, data, and analytics solutions provider for the mortgage and real estate industry, has announced that the first phase of its new solu - tion LoanSphere Expedite Close would be available this year. The solution provides an elec- tronic closing fulfillment process, enabling seamless and secure online interactions between the real estate agent, lender, settle- ment agent, and consumer from contract through the closing. "In a real estate transaction pro- cess, roughly a third of real estate transactions don't even involve a loan. [Expedite Close] is a little different from its peers in that we are looking to bring together all participants in a transaction, be it the consumer, the Realtor, the broker, the settlement agent or closer, and all the way through the investor and servicer," Andy Crisenbery, SVP and Managing Director of Black Knight's Lending Solutions Division told MReport. The solution includes enhanced workflow and decisioning capa - bilities as well as increased auto- mation to support the full closing process. It provides a common workspace for all the participants of a transaction and allows the data and supplementing artifacts to follow along each particular step of the transaction. "We allow access to the workspace to either read data and documents out or to provide data and documents directly from source systems, depending upon who that per- son is in that transaction," said Crisenbery. Expedite Close is capable of integrating with existing systems and technologies to enhance and streamline them. "We are not looking to change the technol- ogy that already may be in place. Instead, we are looking to inte- grate those technologies together so that all parties have an agnostic view or approach to access the data," Crisenbery explained. "For example, in case of a lending transaction, if the lender already has an established consumer portal then that consumer portal can have access to the data and document artifacts in the system through Expedite Close." The first phase of the solution was made available in Q1 2018. "We already have obligations and commitments to provide the first phase, that is the Hybrid Close, in the first quarter of 2018. Our future phases to extend these partnerships and include vendor capabilities will be in place by Q2 and Q 3 of 2018," Crisenbery said. Aspen Grove Solutions Collaborates With Lift Strategic Partners THE PARTNERSHIP WILL INCREASE ASPEN'S INSTITUTIONAL PRESENCE ACROSS THE UNITED STATES M aryland-based mortgage technology solutions provider, Aspen Grove Solutions, is collaborating with Lift Strategic Partners to increase the company's institu- tional presence. Leveraging its capability and capacity to manage a complex institutional customer base, Aspen plans to expand its presence across residential servicing and asset management. The company's partnership with Lift Strategic Partners and its recent internal "In a real estate transaction process, roughly a third of real estate transactions don't even involve a loan. [Expedite Close] is a little different from its peers in that we are looking to bring together all participants in a transaction, be it the consumer, the Realtor, the broker, the settlement agent or closer, and all the way through the investor and servicer." —Andy Crisenbery, SVP and Managing Director, Black Knight's Lending Solutions Division